Investor Presentaiton
Financial Results (Statements of Income)
Daiwa House REIT Investment Corporation
The merger and acquisition of 7 properties contributed to 8 consecutive periods with income growth and
4,800 yen of DPU
Statements of Income for the Period ended Feb. 2017
Major Variation Factors
(vs Forecast)
(million yen)
Aug. 2016
Feb. 2017
Feb. 2017
Former DHI
Result
Former DHR Former DHI +
Result Former DHR
vs Aug. 2016
Forecast
Result
Former DHI
+Former DHR
as of 2016/10/19
Result vs
Forecast
Increase in operating revenue +170 mil yen
Operating Revenue
9,691
7,142
16,833
17,531
697
17,360
170
Total Rental Revenue
9,691
7,142
16,833
17,531
697
17,360
170
☐
Rental Revenue
9,020
6,938
15,958
16,606
647
16,491
115
Other rental revenue
670
204
874
924
49
869
55
⚫Favorable occupancy at residential
properties
• Acquisition of one retail property (land)
Increase in property operating
expenses
• Increase in repairs and maintenance
expenses and restoration costs
-36 mil yen
Operating Expenses
5,731
3,261
8,992
11,963
2,970
12,005
-42
Loss on sale of property
-4 mil yen
Property operating expenses
4,746
2,667
7,414
7,493
79
7,457
36
•Sale of Castalia Minamigyotoku II
Property operating expenses
2,713
1,160
3,873
4,132
258
4,091
41
(excluding depreciation)
Depreciation
2,033
1,507
3,540
3,361
-179
3,366
-5
Other operating expenses
984
593
1,578
4,465
2,887
4,547
-82
Decrease in other operating
expenses
•Expenses related to D Project Shin-Misato
litigation recorded as extraordinary loss
+82 mil yen
Amortization of goodwill
1,982
1,982
1,982
Operating Income
3,959
3,880
7,840
5,567
-2,273
5,354
212
Increase in non-operating
+26 mil yen
income
Non-operating income
10
2
13
32
19
5
26
Refunded consumption taxes
Non-operating expenses
756
601
1,358
1,125
-232
1,140
-14
Interest and borrowing
730
600
1,331
1,123
-208
1,138
-14
related expenses
Decrease in interest and
borrowing related expenses
+14 mil yen
Ordinary Income
3,214
3,281
6,495
4,474
-2,021
4,219
254
Extraordinary loss.
-80 mil yen
Net Income
3,213
3,280
6,494
4,393
-2,101
4,219
174
Reversal of retained earnings
178
178
2,899
2,720
2,921
-22
(Note)
Total distribution
3,392
3,281
6,673
7,292
618
7,140
151
DPU
4,537 yen
4,800 yen
263 yen
4,700 yen
100 yen
(Note) Reversal of retained earnings of former DHI for the period ended Aug. 2016: Amount of retained earnings equivalent to 10% of depreciation (202 mil yen) and netting the amount retained for distribution (23 mil yen)
Reversal of retained earnings for the period ended Feb. 2017: Reversal of retained earnings (2,920 mil yen) and netting the amount retained for distribution (21 mil yen)
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